In our previous post UBS Criminal Casualties, so Far and More Guilty Pleas Over Offshore Accounts in the Works! regarding the U.S. and Swiss Reach a Deal on American Tax Evaders, the IRS hunt for offshore income and accounts continues unabated!Our other post Criminal Score Card Not Good For Offshore Account Holders!, is a must read for US Taxpayers who have still not addressed their undeclared income from their foreign accounts, discusses H. Ty Warner, the billionaire creator of Beanie Babies plush toys, pleaded guilty to evading taxes on secret Swiss bank accounts that held as much as $107 million and the lists the of Criminal Prosecutions of UBS Clients thus far.
Bloomberg has published Offshore Tax Scorecard: UBS, Credit Suisse, HSBC, Baer which discusses the various prosecution of the various Swiss, Liechtenstein and Israeli Banks and Offshore Tax Crimes Scorecard: Bankers, Lawyers, Advisers which discusses the various prosecution of Bankers, Advisers, Lawyers affiliated with the establishment of noncompliant offshore accounts.
The IRS' hunt for offshore income and accounts is intensifying. See our post IRS Actively Seeking US Tax Dodgers Abroad! which discusses Caroline D. Ciraolo , principal deputy assistant attorney general for policy and planning at the division, statement that
"The
Department of Justice Tax Division is ramping up an intense crackdown on
offshore tax evasion, and people hiding assets overseas should come forward as
soon as possible"
and also discusses that the combination of FATCA reporting, Swiss Banks turning over names of US depositors, the Government's review of US citizens giving up their US passport and expatriating and intensification by DoJ find offshore tax cheats; does not put the odds in favor of US taxpayers who have not done anything to correct their failure to report income from the foreign accounts.
The IRS said people may be able to
run, but they can't hide. The IRS said it is going to have agents all over the
world, as they are going to work closely with foreign governments through the
information exchange program and the financial institutions.
The U.S. State Department estimates that 7.2 million U.S. citizens live abroad, many of whom surely have reportable bank accounts, yet only a total of 825,000 FBAR reports were filed for 2012.
Are You One of the > 7 MM Americans
with Unreported Foreign Bank Income?
with Unreported Foreign Bank Income?
For Those Who Don't Come Forward
before They Are Found,
Being Found Can Be Awfully Painful!
before They Are Found,
Being Found Can Be Awfully Painful!
Want to know if the OVDP Program
is right for you?
Marini & Associates, P.A.
for a FREE Tax Consultation
at: www.TaxAid.us or www.TaxLaw.ms or
Toll Free at 888-8TaxAid (888 882-9243
888 882-9243 FREE).
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